Do you remember last year’s series of tech glitches with the ‘Obamacare’ website that delayed the applications of millions seeking health coverage under US President Barack Obama’s healthcare law. Well, the Americans may face a similar fate this time too, but not for getting a health insurance cover but for filing tax returns.
If you are among those who have exercised the health care coverage through Obamacare this year, you will need a new form from your insurance exchange for filing your tax returns.
According to the reports, all insured Americans will require to fill an application form called ‘1095-A’ before filing their tax return in next spring.
But the announcement has raised several concerns among tax professionals and experts as they think the process may be a lengthy one and may delay the process of filing returns, creating inconvenience for millions of tax payers in the US.
According to the experts, if the new form is not introduced on time by the federal and state insurance marketplaces for the public, the application process for tax refunds of millions of consumers can get delayed.
The experts say, the Health and Human Services Department are required to bring millions of forms for those insured under the Obamacare. According to the official figures, around five million Americans have received subsidies after getting insured under the Affordable Care Act via ‘HealthCare.gov’ new healthcare program. The last date for filling tax returns is January 31 next year and if the forms are not made available much before this deadline, the taxing process is tend to suffer heavily and so are the tax payers.
Meanwhile, the Obama administration has announced that the work is in progress and as per the schedule. The government, however, declined to provide more information in this regard but the analysts say any form of delay can lead to very heavy repercussions in the whole financial system.
George Brandes, Vice President for Health Care Programs at Jackson Hewitt Tax Service, says, “It’s very unrealistic to expect that they would be able to implement a process that distributed these forms in the middle of open enrollment and on time.”
If the internet server crash or any other glitch, like the last year during the Obama care signup, occur then the condition will go the wrong way for sure.
As the same agency, which has taken the healthcare project in 2013,is going to tackle the tax issue too, the fears of glitches are looming large in the market.
Experts say the federal government needs to be more cautious and vigilant this time as it is a matter of taxing, an integral part of any economy.